Bitcoin miners sold $13.72B in the past two weeks. Will the increased sell-offs affect BTC stability above $100K?
Bitcoin’s Puell Multiple soared, but was yet to flash red flag on valuation from a BTC miners’ perspective.Per Santiment data, the dumping spree has shrunk the miner balance from over 2M to 1.95M coins as of this writing.However, the miner sell-off appeared relatively less intense when gauged through miner outflow. The metric tracks all miner wallets and their transfers to exchanges.
On the 12th of November, BTC saw the highest daily miner sell-off of 25K BTC. But the pressure has been on the decline, as shown by the retreating miner outflows.Perhaps, the bulk of the sell-off might have happened over the OTC markets.Excluding Mara Digital and other firms with BTC corporate treasuries, ETFs and MicroStrategy’s BTC demand hit $8.3B in the past two weeks. This was slightly less than the $13.72B supply from miners.
So, should intense miner selling be a concern for your portfolio? We checked the Puell Multiple for insights. For the unfamiliar, Puell Multiple allows users to gauge BTC valuation and cycles from the perspective of miners. If the metric soars to the upper band, BTC’s value is deemed as unsustainably high.In early 2024, the metric hit 2.4 and marked a local BTC top at $73.7K. At press time, the metric reading was 1.3 and had little room before cross 2 or the upper band.
So, based on Puell Multiple and miners’ perspective, BTC wasn’t overvalued or elevated, but that could change if the metric soared above 2.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.
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